Big News: FounderDating is joining OneVest to build the largest community for entrepreneurs. Details here
Latest Notifications
You have no recent recommendations.
Name
Title
 
MiniBio
FOLLOW
Title
 Followers
FOLLOW TOPIC

Question goes here

1,300 Followers

  • Name
    Entrepreneur
  • Name
    Entrepreneur
  • Name
    Entrepreneur
  • Name
    Entrepreneur
  • Name
    Entrepreneur
  • Name
    Entrepreneur
  • Name
    Entrepreneur
  • Name
    Entrepreneur

How does it feel like when your startup fails?

Keeping in mind that 9 out of 10 startups fail I wonder how it feels when you realize that is time to move on and what is the best way to do it with your head up high.

12 Replies

Janis Machala
2
0
Janis Machala Advisor
Senior business executive and entrepreneur
Communication, lessons learned, failure is not failure it is learning.

Nizamudheen Valliyattu
0
0
Nizamudheen Valliyattu Entrepreneur
Co-Founder & Digital Marketing Specialist at SocialTiger.in
Another big lesson
Jonathan Louis Smarjesse
0
0
CEO at Jonathan Louis Smarjesse
Bad
Lucia Guh-Siesel
0
0
Lucia Guh-Siesel Entrepreneur
CEO & Founder, Bandalou
I'm sorry, what is the point of this question??

Is it rhetorical? Are you asking how to fail gracefully? As any entrepreneur knows, it's painful. But Janis is spot on - you learn, you change, you make it work no matter what.

Candidly -- questions like this don't add to the FD community...but stories of failure do because we can all learn from the mistakes of those that came before us.
Joe Albano, PhD
0
0
Joe Albano, PhD Advisor
Using the business of entrepreneurialism to turn ideas into products and products into sustainable businesses.
It may be useful to reconsider this notion of failing. For many, the "failure" of a startup is not an event as much as it is a process. It's not as binary or black and white as one day you're founding a start up and the next day you're not.

If you are following a process of discovering and validating your business model, one of three patterns will, generally, begin to emerge:

  1. The "light bulb will go on" and your business will begin to take flight. That is, you will have validated enough of a model to have a sustainable, early-stage business. This does not mean that there are not still lessons to learn, adjustments to be made, and pivots to be undertaken, but it does mean that thereis something of substance that can be sustained and scaled.

  2. You may discover that your current business model will never get off that ground, but that you enjoy and have a talent for the startup process. In this case, it's often wise to abandon your original idea and significantly shift your business model. You probablyare a startup entrepreneur, you just haven't found the right business model yet.

  3. You may discover that you simply don't like and / or do not have the talents required to start a business. In this case, it may be wise to consider a different way to make a living - such as getting a job, perhaps with a startup. For many, the idea of having started a startup is far more appealing than the work of starting a startup.
There are many other factors to consider, including the amount of time that you can support yourself with no or minimal income, your team of co-founders, whether you are working on your startup full-time or still have a day job, external investors ... and much more.

Too often we have rigid definitions of entrepreneurialism and success vs. failure. In my experience, many entrepreneurs "get on the path" without a clear understanding of where they want to go. Sometimes failure is simple realignment. Sometimes it's stepping off the path for a while to build up resources (often that means working to replenish savings).

I find it interesting (and understandable) that entrepreneursare often willing to invest in gathering resources for their business, but are reluctant to invest in an outside perspectiveand developing themselves. There seems to be a pervasive belief that business "advice" should be free and that quality advice is available from anyone who has some perceived level of business success - relevant or not.

In general, building a business is NOT like having a job. There is no instruction manual, no 8-step process, and no deterministic algorithm for business success. I believe that it was Steve Blank who identified6 different form of enterprise and I have identified at least 8.

The bottom line is that one size fits none and that entrepreneurialsuccess is rarely a straight-line journey from point A to a well-defined point B. So "success" is less a function of getting where you set out to go and more a process of discovering a changing destination, using past experience to improve decision making, not getting locked into a pattern just because you have so much time and effort invested in it (sunk costs), and getting on and off the path as resources dictate.

I'm interested in other's perspective.
Michael Hartzell
0
0
Entrepreneur, Addicted to "Yes" - When Everyone Wins
How it feels when you realize that is time to move on

It can feel like a piece of you is being left behind - even when the obvious choice is to move on. It might feel like a relief as the burden and risk is removed.

The feeling is not very relevant to what needs to happen next - which is move forward.

And what is the best way to do it with your head up high.

Do it. Hold your head high.It is a choice.

How do you make it easier?

The future has new discoveries. The people you meet in the future will be important to the next success. (Make introductions)

Write the story down. The mission. What happened. What was the critical point? What will happen next?

Serve others. Volunteer to help another get something done. You will inspire and as a result, be inspired.

Listen to "The Dip" audiobook by Seth Godin on Audible. It will have the answers you hope for.
Or... "Poke the Box" - another outstanding audiobook relevant to your question.

Peter Crane
1
0
Peter Crane Entrepreneur • Advisor
Managing Director at Remington Capital
It's just like a breakup. It can be quite painful but stay focused and positive and always keep moving towards your next goal. Most successful founders have one (or several) failures under their belts. Learn from your mistakes but don't dwell on them.
Shel Horowitz: Shel AT GreenAndProfitable com
0
0
I help organizations thrive by building social transformation into your products, your services, and your marketing
Maybe a better question is how do you define success. My first full year in business (1982), I only made four figures. But it was enough to know the concept was viable and I haven't had an outside job since. The business has evolved into something very different (and better-paying), but that's how it started.
Kevin Taylor
1
0
Kevin Taylor Advisor
Hackerpreneur, Advisor to Startups and Consultancies
If you have investors, you'll feel bad.
If you have employees, you'll feel worse.
If you have neither, you'll feel relief.
Thomas Duffy
0
1
Thomas Duffy Advisor
Telehealth365
keep your day job until the company can support you
Join FounderDating to participate in the discussion
Nothing gets posted to LinkedIn and your information will not be shared.

Just a few more details please.

DO: Start a discussion, share a resource, or ask a question related to entrepreneurship.
DON'T: Post about prohibited topics such as recruiting, cofounder wanted, check out my product
or feedback on the FD site (you can send this to us directly info@founderdating.com).
See the Community Code of Conduct for more details.

Title

Give your question or discussion topic a great title, make it catchy and succinct.

Details

Make sure what you're about to say is specific and relevant - you'll get better responses.

Topics

Tag your discussion so you get more relevant responses.

Question goes here

1,300 Followers

  • Name
    Details
  • Name
    Details
  • Name
    Details
  • Name
    Details
  • Name
    Details
  • Name
    Details
  • Name
    Details
  • Name
    Details
Know someone who should answer this question? Enter their email below
Stay current and follow these discussion topics?